SOCAR commissions new well in Caspian Sea

Azerbaijan’s State Oil Company SOCAR will additionally produce more than 8,000 tons of oil annually due to the commissioning of a new well in the offshore field "Oil Rocks", the company reported on June 13.

Oil with a rate of 22 tons per day is extracted within the range of of 1,442-1,436 meters, the report said.

SOCAR produced 2.46 million tons of oil on offshore and onshore fields of the country in January-April 2017, compared to 2.52 million tons produced in the same period of 2016.

SOCAR produced 7.52 million tons of oil in 2016, as compared to 8.16 million tons produced in 2015. In total, the volume of oil production amounted to 41.03 million tons in 2016, against 41.58 million tons produced in 2015.

The company includes such production associations as Azneft (the enterprises producing oil and gas onshore and offshore), Azerkimya (the chemical enterprises) and Azerigas (distributor of gas produced in the country), as well as oil and gas processing plants, service companies, and the facilities involved in geophysical and drilling operations.

SOCAR is 100 percent owned by the government of Azerbaijan. SOCAR participates in joint ventures (including ventures in Georgia and Turkey), consortia, and operating companies established with SOCAR’s participation.